Taking your company public? Here is what to expect during the IPO process

Welcome to the third instalment in our series on how to take your company public. In our previous posts, we covered IPO readiness and Preparing for an IPO, be sure to check them out here.

In this post, we explore what it takes to navigate the IPO process once your advisors are onboard and the work begins on the prospectus and investor presentations.

The IPO process

You have decided to take your company public. It is a significant step, and one that requires careful planning, not only during the early preparation phase but throughout the IPO process itself.

Following the IPO readiness assessment and the preparation for the IPO, the next step involves the offering details, valuation, the preparation of the prospectus and the investor presentation. This process is typically started 6-12 months before the actual IPO, and once all relevant advisors have been appointed by the company and onboarded, the process and timeline are established.

The IPO process may run simultaneously with other exit processes, and the timeline for the IPO might not be finalised when the process is initiated. It may also be subject to changes due to factors beyond the control of the company and its advisors such as macroeconomic factors potentially affecting both the company and the capital markets leading to potential postponements or cancellations.

Furthermore, the IPO process is typically hectic, involving multiple internal and external stakeholders and carried out under significant time pressure. In our experience, three areas are particularly critical to a successful IPO:

1. Managing the IPO process and stakeholder landscape
2. Drafting the prospectus
3. Preparing for public life, with a focus on confidentiality and communication

1. Managing the IPO process and stakeholder landscape

The IPO process brings together a wide network of advisors: lawyers, banks, auditors, investor relations professionals and the stock exchange as well as multiple internal stakeholders. Each brings a distinct set of requirements and timelines, and many of them rely heavily on input from the entity being listed.

From building the financial model and populating the data book to coordinating audits and supporting due diligence, verification and comfort processes, the volume of requests can be overwhelming, especially for the finance organisation. Without clear coordination, critical deadlines can be missed and trust lost.

We recommend appointing a dedicated IPO project manager: someone who is removed from day-to-day operational tasks and can focus entirely on aligning roles and responsibilities, timelines and key deliverables, identifying interdependences, resolving bottlenecks and competing priorities as well as maintaining momentum.

Think of it as conducting an orchestra, where every instrument must come in at exactly the right time. Regular check-ins, shared accountability and a central overview of deliverables and dependencies are essential to keeping the process aligned and on schedule.

2. Drafting the prospectus: Every word matters

The prospectus is one of the most important, and resource-intensive, elements of the IPO. While external advisors often lead the drafting process, company leadership remains responsible for key sections. This includes the equity story, strategic narrative, risk factors and financial outlook.

It is crucial to begin early. A near-final draft ahead of the first filing allows sufficient time for legal review, internal alignment – including timely involvement of management and board members – and regulatory feedback. It is often during management's and the board of directors’ review that key decisions regarding the precise wording of, for example, risks and opportunities are made, acknowledging that their detailed knowledge cannot be replaced by generic input from advisors.

Prospectus projects often stretch across quarters, and markets change quickly, so your drafting process must be structured to allow for timely updates, including when new financials become available.

Equally important is consistency. The equity story must hold together across the full document. Risk factors should align with financial disclosures. Source data must be well-organised to support regular updates and identification of inconsistencies as well as later investor presentations, comfort letters and verification.

3. Preparing to become a listed company

Going public brings new responsibilities and transforms the way a company communicates both internally and externally. Once the intention to float is announced, companies are subject to the Market Abuse Regulation. This means that all investors must have access to the same information at the same time.

Confidentiality becomes critical. Companies must set up insider lists, restrict access to sensitive data and ensure that everyone involved – from board members to employees – understands their obligations.

This transition often represents a cultural shift, particularly for businesses previously owned by a single shareholder or a close group of investors. Leadership teams must adapt to new expectations of transparency, structure and timing, and additional training in being a listed company and the limitations that follows might be relevant.

As we discussed in our blog on IPO readiness, establishing a dedicated investor relations team early on is key to ensuring consistent communication and building trust as a public company.

Going public is not just about listing your shares – it is about reshaping your company’s identity, culture and expectations. The IPO process is where those changes take root. Done right, it builds not only readiness for listing day but resilience, credibility, and trust for the future.

Curious about what comes next? Stay tuned for our upcoming post, where we explore best practices and insights for post-IPO activities that companies should consider.

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